Liechtenstein Removed From OECD's Grey List,

17.11.2009

It has emerged that the Organization for Economic Cooperation and Development (OECD) has recognized Liechtenstein's implementation of the agreed international tax cooperation standard, and has removed the jurisdiction from its “grey list”.

"The removal from the so-called 'grey list' is a milestone in the reorientation of the Liechtenstein location," announced Liechtenstein’s Prime Minister Klaus Tschütscher. He added: "I took office to restore the reputation of our country with the steadfastness demanded by the situation. This is the only way we can do justice in the long term to the full potential of our businesses and service providers."

Angel Gurría, Secretary-General of the OECD, welcomed the news: "Liechtenstein has demonstrated that it honors its commitments and is actively contributing to the international dialogue on tax cooperation."

With its implementation of the OECD standard, Liechtenstein has completed the first phase of its reorientation. "With the new framework conditions, we have established a basis that opens up new long-term development and growth opportunities for our location. These opportunities must now be actively pursued," Tschütscher emphasized.

Liechtenstein’s Prime Minister also announced a growth agenda for the coming weeks for the financial and business center. According to Tschütscher, the key points of this agenda include: the implementation of a tax reform; an agreement policy focusing on double taxation agreements; a review of state expenditures; the modernization of Liechtenstein company law; the targeted development of competences within the national administration; and the creation of a legal framework for developing financial market segments with growth potential.